-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MyrQyo13g9UQTPfkrUPJ/pOOVZEofcSWbC35CWM+1rHCzcEra/pN7h9BVcxHCP9S 57VoyzVBtxuEuPg0bgPfTg== 0000950123-09-012810.txt : 20090610 0000950123-09-012810.hdr.sgml : 20090610 20090610090026 ACCESSION NUMBER: 0000950123-09-012810 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090609 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090610 DATE AS OF CHANGE: 20090610 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DTE ENERGY CO CENTRAL INDEX KEY: 0000936340 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 383217752 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11607 FILM NUMBER: 09883383 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 BUSINESS PHONE: 3132354000 MAIL ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 FORMER COMPANY: FORMER CONFORMED NAME: DTE HOLDINGS INC DATE OF NAME CHANGE: 19950127 8-K 1 k47965e8vk.htm FORM 8-K FORM 8-K
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 9, 2009
         
Commission   Exact Name of Registrant as Specified in   I.R.S. Employer
File Number   its Charter, State of Incorporation,   Identification No.
    Address of Principal Executive Offices    
    and Telephone Number    
1-11607   DTE Energy Company   38-3217752
    (a Michigan corporation)    
    One Energy Plaza    
    Detroit, Michigan 48226-1279    
    (313) 235-4000    
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 8.01.   Other Events
     On June 9, 2009, Michigan Consolidated Gas Company (“MichCon”) filed a general rate case with the Michigan Public Service Commission (“MPSC”). A summary of key provisions of this filing can be found posted to the DTE Energy Company (“DTE Energy”) website at www.dteenergy.com and attached hereto as Exhibit 99.1. The full testimony of the filing (Case Number U-15985) will be available on the MPSC’s website (http://efile.mpsc.cis.state.mi.us/efile/).
Item 9.01.   Financial Statements and Exhibits
(d) Exhibits
  99.1   Summary of MichCon’s General Rate Case Filing dated June 10, 2009.
Forward-Looking Statements:
     This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy’s 2008 Form 10-K and 2009 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy that discuss important factors that could cause DTE Energy’s actual results to differ materially. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

2


 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
Date: June 10, 2009  DTE ENERGY COMPANY
(Registrant)
 
 
  /s/ Paul C. Hillegonds    
  Paul C. Hillegonds   
  Senior Vice President - Corporate Affairs   
 

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EXHIBIT INDEX
     
Exhibit    
Number   Description

99.1
 
Summary of MichCon’s General Rate Case Filing dated June 10, 2009.

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EX-99.1 2 k47965exv99w1.htm EX-99.1 EX-99.1
Exhibit 99.1
(DTE ENERGY LOGO)
Summary of Michigan Consolidated Gas Company’s Rate Case Filing U-159851
June 10, 2009
Michigan Consolidated Gas Company (MichCon) filed a general rate case yesterday with the Michigan Public Service Commission (MPSC). This document provides a summary of MichCon’s filing. The full testimony of the filing will be available on the MPSC’s website (http://efile.mpsc.cis.state.mi.us/efile/) under case number U-15985.
This case requests the first increase for delivery rates since 2005. MichCon’s strong focus on cost controls and developing other revenue sources have forestalled the need for a rate increase for nearly five years. The average annual bill, including the requested rate increase, is expected to be 20-25% below 2005 levels and 5% lower than last year. Customers are benefiting from our investments in energy efficiency education programs as well as lower natural gas prices.
Consistent with Michigan’s Public Act 286 of 2008, and the settlement in MichCon’s last base gas sale case, we anticipate self-implementing a rate increase on January 1, 2010 with an MPSC order expected no later than June 2010. We look forward to working through the elements of the filing with the MPSC, staff and other stakeholders.
Highlights of MichCon’s Rate Filing
    Test Year:
 
      MichCon’s rate case filing is based on a fully projected 2010 test year.
 
    Base Rates:
 
      The table below shows the components of MichCon’s rate increase request.
             
    Amount      
Item   ($ millions)     Description
Rate Base*
  $ 83     $440 million increase in rate base
Lost/Company Use Gas
    36     Increased theft, additional company use and higher gas price
Uncollectible Expense
    33     New tracker base of $70 million
Sales (net)
    15     Sales loss of $99 million offset by mid-stream & other revenue increases
O&M
    16     Net change in total O&M which reflects $61 million of operating improvement savings
Other
    10     11.25% ROE vs. 11% currently authorized, tax increases
 
         
Total
  $ 193      
 
         
 
*   Primarily driven by normal distribution expenditures, pipeline integrity and expanded transmission and storage capabilities

1


 

    Revenue Decoupling:
 
      As provided for in Michigan’s Public Act 295 of 2008, the current filing includes a proposal for decoupling revenue from sales volume. We believe revenue decoupling will benefit customers by removing the disincentive for MichCon to pursue additional energy efficiency programs. MichCon’s filing calls for establishing a base point for sales, and then performing an annual reconciliation and refunding or surcharging customers if actual revenue differs from the revenue authorized in this case. Territory sales for the projected test period are forecasted to be 153 Bcf, which represents a 43 Bcf reduction.
 
    Rate Base and Rate of Return:
 
      MichCon is requesting a return on equity of 11.25% compared with its current authorized ROE of 11%. MichCon’s weighted cost of capital is 7.32% after tax, 10.15% pre-tax. The company is requesting no change to its current permanent capital structure of approximately 50% equity and 50% long-term debt. The projected average rate base for the test year is $2.3 billion, which includes an equity base of $0.9 billion, long-term debt of $0.9 billion and $0.5 billion of deferred taxes, short-term debt and other.
 
    Uncollectible Expense Tracking Mechanism:
 
      MichCon is proposing the continuation of an uncollectible expense tracking mechanism as authorized in its last rate case. The base point for the tracking mechanism would be $70 million of expense, an increase of about $33 million from the level authorized in the MPSC’s April 28, 2005 order. Under the current rate structure, 90% of the requested $33 million increase would be recovered through the existing tracking mechanism. MichCon is proposing annual true-ups of the tracking mechanism, and refunding or surcharging customers 90% of any difference between the base point and the actual uncollectible expense.
 
    Lost Gas and Company Use Tracking Mechanism
 
      MichCon is proposing a new Lost Gas and Company Use (LGCU) Tracking Mechanism in the rate filing. The level of these expenses has more than doubled since MichCon’s last rate case. The base level of LGCU costs imbedded in rates would be $68.2 million. MichCon is proposing annual true-ups of the tracking mechanism, and refunding or surcharging customers the amount of difference between the base point and the actual LGCU expense.
For further information, please contact DTE Energy’s investor relations group at (313) 235-8030.
 
1   This document includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms “anticipate”, “believe”, “estimate”, and similar words. These statements should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy Company’s 2008 Form 10-K and 2009 Form 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy that discuss important factors that could cause DTE Energy’s actual results to differ materially. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events.

2

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